U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY WAR." According to Trump's post, the ceasefire will begin approximately six hours after his announcement, when both nations have "wound down and completed their in progress, final missions." The agreement stipulates a 12-hour initial ceasefire period initiated by Iran, followed by Israel joining the ceasefire at the 12th hour. Trump stated that upon the 24th hour, there will be an "Official END" to the...
Gold headed for a weekly drop, as traders weighed the interest-rate outlook after the Federal Reserve dialed back rate-cut expectations for next year. Bullion traded near $2,590 an ounce, and is down about 2% for the week. The Fed reduced rates on Wednesday, but investors were more focused on comments from Chair Jerome Powell, who said that while the bank was "on track to continue to cut," officials would first have to see more progress on inflation. Lower rates are typically a positive for gold, as it doesn't pay interest. Traders were also weighing US GDP data on Thursday,...
Oil headed for a weekly decline as a strengthening US dollar pressured prices. West Texas Intermediate fell toward $69 a barrel, and is down more than 2% this week, while Brent crude closed below $73. The dollar has strengthened since the Federal Reserve signaled fewer interest-rate cuts next year on Wednesday, making commodities more expensive for many buyers. Crude is headed for a modest yearly decline, after trading in the narrowest annual range since 2019. Prices have been buffeted by the prospect of tougher sanctions on Iran and Russia, Donald Trump's imminent return to...
The US Dollar Index (DXY), which tracks the USD's value against a range of currencies, pulls back from its two-year peak following signals from the Federal Reserve (Fed) about fewer interest rate cuts in the future. Federal Open Market Committee (FOMC) members express concerns about inflation continuing into 2025 and take into account possible "Trump-effect" inflationary policies, such as tariffs and reduced labor supply due to deportations. The DXY stands at 108.00, with that level acting as support. Despite recent advances, traders are taking profits as they consider Chinese economic data...
Gold prices traded around flat on Thursday, erasing earlier gains after U.S. data reinforced market expectations the Federal Reserve will take a cautious approach to policy easing in the year ahead. Spot gold edged up 0.1% at $2,589.43 per ounce and U.S. gold futures fell 1.9% to $2,603.60. Data earlier showed the U.S. economy growing faster than expected in the third quarter, while jobless claims also fell more than anticipated. "With these GDP prints and the jobless claims, it's showing that the data is fairly firm," said Bart Melek, head of commodity strategies at TD Securities, adding...
Gold (XAU/USD) traded higher on Thursday, recovering some of its losses on Wednesday after the Federal Reserve's (Fed) monetary policy decision. At the time of writing, the precious metal had reached the $2,620 area after bouncing off a low of $2,580 the previous day. The Fed cut interest rates as expected but raised growth and inflation expectations and lowered its projection for rate cuts next year. This, coupled with an unusually hawkish tone from Fed Chair Jerome Powell, triggered a risk-off reaction, causing the US Dollar Index (DXY), which tracks the USD against a basket of six...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
In...